Ibovespa, the benchmark stock index in Brazil, closed up 0.42% Wednesday at 76,671.13 points, rising after the House of Representatives reached the quorum required to vote on a second criminal complaint against the President Michel Temer.
Doubts on whether there was a quorum were keeping the Ibovespa down, in addition to the market fears that the vote would be tight and could hamper a pension reform widely expected by market players. Earlier, news of Temer's hospitalization for urological obstruction also brought volatility to the Ibovespa.
Jos? Costa, an economist at Codepe Corretora, said he has no doubt that Temer will be shielded by the Congress. The main concern, according to him, is how many votes Temer will amass.
“If he can at least equalize the previous vote, he may be able to pass the pension reform,” he added.
Among the constituents that contributed to the rise of Ibovespa are those of Petrobras (+1.27%), which closed higher despite oil prices abroad. Eletrobras sha..Read More →

British Retail Consortium report:BRC members employed 3.0 percent fewer staff in the third quarter of this year than during the same time in 2016Total hours worked fell by 4.2 percent year-on-yearBoth were the steepest falls since the BRC started collecting records in 2008,Reuters for more:This contrasts with the picture in the broader economy, where the unemployment rate is its lowest since 1975 and job creation has been strong”The pace of job reductions in the retail industry is gathering steam,” BRC chief executive Helen Dickinson said.”Behind this shrinking of the workforce is both a technological revolution in retail, which is reducing demand for labor, and government policy, which is driving up the cost of employment,” she added.Link for even moreRead More →

British car production fell 4.1 percent in September y/yfifth decline in six monthsVia Society of Motor Manufacturers and Traders (SMMT) dataSays Reuters:adds to signs of faltering consumer and business confidenceExports, accounting for 80 percent of total output, fell 1.1 percentDomestic demand down 14.2 percent”It's clear that declining consumer and business confidence is affecting domestic demand and hence production volumes,” SMMT Chief Executive Mike Hawes said.more hereRead More →

Britain's National House-Building Council data (based on applications for construction insurance) British construction companies applied to build the greatest number of new homes in a decade during the three months to the end of September, taking account of the time of year,9 percent more than during the same period last yearhighest third-quarter total since 2007″This is positive news for the industry and prospective homebuyers, particularly in light of the current political and economic uncertainties,” NHBC chief executive Steve Wood
More here at ReutersRead More →

I just posted a preview of the Bank of Japan meeting next week, which will conclude on Tuesday October 31Yes, that's right, the last day of the month is a Tuesday,The Reserve Bank of Australia meet on the first Tuesday of each month (except for January – they are all down at the beach)So, no meeting of the Reserve Bank of Australia next weekSad.
But, to cheer us all up, there is an RBA speaker later today! Guy Debelle, Deputy Governor, will speak on UncertaintyAt the Warren Hogan (was Professor of Economics in the University of Sydney, 1968-1998) Memorial Lecture, University of Sydney
Its at 6.45 pm Sydney time which is 0745 GMT
-ps. The RBA meeting on November 7 will be a firmly 'on hold' decision.Read More →